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Quotes & Info
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| SNT > SEC Filings for SNT > Form 8-K on 4-Nov-2009 | All Recent SEC Filings |
4-Nov-2009
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or St
On October 30, 2009, Senesco Technologies, Inc. (the "Company") received a notice from the NYSE Amex LLC ("NYSE") providing notification that, the Company does not meet one of the NYSE's continued listing standards as set forth in Part 10 of the NYSE company guide and the Company has therefore become subject to the procedures and requirements of Section 1009 of the NYSE company guide. Specifically, the Company is not in compliance with Section 1003(a)(iii) of the NYSE company guide with stockholder's equity of less than $6,000,000 and losses from continuing operations and/or net losses in its five most recent fiscal years. The Company reported stockholder's equity of $5,667,834 at June 30, 2009.
The notice is based on a review by the NYSE of information which the Company has publicly disclosed, including information contained in the Company's Form 10-K for the period ended June 30, 2009 which disclosed the financial status of the Company at that time.
To maintain an NYSE listing, the Company must submit a plan by November 30, 2009 advising the NYSE of action it has taken, or will take that would bring the Company into compliance with the continued listing standards within a maximum of 18 months from the date of notification by the NYSE. We are taking steps to prepare and submit such a plan to the NYSE on or before November 30, 2009.
The Listings Qualifications Department of the NYSE will evaluate the Company's plan and determine whether it reasonably demonstrates the Company's ability to regain compliance with the continued listing standards within 18 months. If the NYSE accepts the Company's plan, the Company may be able to continue its listing during the plan period provided that the Company demonstrates progress consistent with its plan and complies with other applicable NYSE listing qualifications. If the Company fails to submit a satisfactory plan or fails to demonstrate progress consistent with the plan accepted by the NYSE, the NYSE may initiate delisting procedures. During the plan period the Company will be subject to periodic review to determine whether the Company is making progress consistent with the plan.
(d) Exhibits.
Exhibit No. Description
99.1 Press Release, dated November 4, 2009 relating to the receipt of
the NYSE notification.
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